Is Covington, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Covington has remained a Seller's Market.
Key Takeaway
Covington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Covington, OH
How much do homes in Covington, OH cost?
Median Sold Price
$170,450
$119/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Covington have sold for 2.3% less than they did a year ago.
Summary: The median home sold price in Covington was $170,450 in May 2024, down 2.3% from last year, and the median price per square foot was $119.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $179.9K | N/A |
| 2 Bedrooms | $114.5K | $142.5K | +24.5% |
| 3 Bedrooms | $196.2K | $188.2K | -4.1% |
| 4 Bedrooms | $158K | $182.5K | +15.5% |
| 5+ Bedrooms | $297K | $217.5K | -26.8% |
Summary: Covington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 24.5%, 3 bedroom homes decreased by 4.1%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes decreased by 26.8%.
Median Sold Price Compared To Nearby Cities
| Covington | $174.5K | $170.4K | -2.3% |
| Newberry Township | $169.7K | $154.9K | -8.7% |
Housing Supply in Covington, OH
How many homes are available in Covington, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 10 | -9.1% |
Summary: The Covington real estate market had 10 homes for sale in May 2024, a 9.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Covington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Covington in May 2024, up by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Covington, OH
How long does it take to sell a home in Covington, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 72 Days | 52 Days | -28.2% |
Summary: Homes in Covington had an average of 52 days on market in May 2024, down by 28.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Covington has remained consistent over time.
Summary: During May 2024, 4 homes were sold in Covington; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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